HubSpot, a provider of marketing automation software, is now officially in the IPO market, having filed with the U.S. Securities & Exchange Commission to raise up to $100 million. The company’s shares will trade under the ticker symbol HUBS.
[company]HubSpot[/company] is following in the footsteps of [company]Marketo[/company], which went public last year. Other rivals, including [company]Eloqua[/company] and [company]ExactTarget[/company] sold themselves to bigger, broader software companies — Eloqua to [company]Oracle[/company] for $871 million in late 2012 and [company]ExactTarget[/company] to [company]Salesforce.com[/company] for for $2.5 billion in six months later. Salesforce.com is also an investor in Cambridge, Mass.-based HubSpot.
HubSpot’s total reported revenue was $28.6 million in 2011; $51.6 million in 2012 and $77.6 million last year. Net losses for those years were $24.4 million, $18.8 million and $34.4 million sequentially.
It was no secret that HubSpot, founded by Brian Halligan (pictured above) and Dharmesh Shah, had set its sights on a public offering — in February, the Wall Street Journal (registration required) reported that the company had hired Morgan Stanley to work on an IPO to come sometime this year. But recent announcements of planned departures by some key execs raised some eyebrows.